Doosan Fuel Cell raises ~$299M in perpetual bonds, stock jumps 5%
What's the deal? Doosan Fuel CellDealroom has a profile for this one. Try Dealroom → issued US$335.4M (roughly $299 million) in perpetual bonds to fund its North American business. The company split the raise into US$251.5M of private perpetual convertible bonds and US$83.8M of perpetual bonds with warrants.
Who's in? Korea Investment & SecuritiesDealroom has a profile for this one. Try Dealroom →, KB SecuritiesDealroom has a profile for this one. Try Dealroom →, Daishin SecuritiesDealroom has a profile for this one. Try Dealroom →, and Daishin Private EquityDealroom has a profile for this one. Try Dealroom → took part in the convertible bond tranche. The warrant tranche drew Korea Investment & Securities, KB Securities, and Daishin Securities.
The terms: The bonds carry a 30-year maturity and a conversion and exercise price of US$36.6. Holders can request conversion one year after issuance, with no refixing clause should the stock fall.
Why now? Shares rose on the news, trading at US$33.7 on the KOSDAQ, up 5.64% from the prior day. The company plans to spend the funds on operations, including materials for fuel cell businesses such as AI data centers; the US$83.8M from the warrant bonds will go toward debt repayment.
The signal: By sizing the raise among the larger deals in its field, Doosan Fuel Cell is betting that fuel cells have a role in powering energy-hungry AI infrastructure — and tapping the bond market, rather than diluting equity, to get there.
Read more: chosun.com
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